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April 24, 2019
24

Top Longs Based on Momentum

9f4
tickernamecountrysectorPeriodChange
1548GENSCRIPT BIOTECH CORPChinaHealth Care41.97
168TSINGTAO BREWERY LTD HChinaConsumer Staples35.81
1958BAIC MOTOR CORP LTD HChinaConsumer Discretionary31.67
1579YIHAI INTERNATIONAL HOLDING LTDChinaConsumer Staples30.75
2186LUYE PHARMA GROUP LTDChinaHealth Care25.97
817CHINA JINMAO HOLDINGS GROUP LTDChinaReal Estate25.86
3808SINOTRUK (HONG KONG) LTDChinaIndustrials25.65
3323CHINA NATIONAL BUILDING MATERIAL LChinaMaterials24.68
813SHIMAO PROPERTY HOLDINGS LTDChinaReal Estate23.68
813SHIMAO PROPERTY HOLDINGS LTDChinaReal Estate23.68

Top Shorts Based on Momentum

9ef
tickernamecountrysectorPeriodChange
836CHINA RESOURCES POWER LTDChinaUtilities-21.28
607FULLSHARE HOLDINGS LTDChinaIndustrials-20.00
308CHINA TRAVEL INTERNATIONAL INVESTMChinaConsumer Discretionary-17.86
PDDPINDUODUO ADR REPRESENTING INCChinaConsumer Discretionary-16.03
PDDPINDUODUO ADR REPRESENTING INCChinaConsumer Discretionary-16.03
390CHINA RAILWAY GROUP LTD HChinaIndustrials-15.31
1186CHINA RAILWAY CONSTRUCTION CORP LTChinaIndustrials-14.48
002202XINJIANG GOLDWIND SCIENCE&TECHNOLOChinaIndustrials-13.90
384CHINA GAS HOLDINGS LTDChinaUtilities-13.40
384CHINA GAS HOLDINGS LTDChinaUtilities-13.40
18bf
MLIndexnameytd1monthFy1PE
SZSMEC Index Shenzhen Stock ExchangeCHINA SHENZ SM EN CO IDX40.461.62-
MSCHANL Index MSCIMSCI Daily TR Net China34.566.32-
XIN9I Index FTSEFTSE CHINA A5033.428.579.2
CHIQ Index Solactive (Structured SolutionSolactive China Consum T32.848.80-
HXCX Index NASDAQ Global MarketGolden Dragon China TR31.595.3119.6
NDELCHF Index MSCIMSCI Daily TR Net China21.403.9311.0
M7CN Index MSCIMSCI CHINA NR21.353.9811.0
MXCNX Index MSCIMSCI CHINA FREE21.323.9711.0
NDEUCHF Index MSCIMSCI Daily TR Net China21.314.0011.0
MSEUSCF Index MSCIMSCI China USD21.283.9910.8
STBCCNU Index Standard & Poor'sS&P China BMI TR USD20.333.7710.8
M1CN40 Index MSCIMSCI CHINA 1040 NR20.303.7210.2
MN40CIE Index MSCIMSCI China 10-40 Index D19.823.44-
CHIMAT Index Solactive (Structured SolutionSolactive China Material19.353.31-
MXCNSC Index MSCIMSCI China Small Cap18.084.007.9
GPSSG239 Index FTSEFTSE Greater China HKD15.954.23-
MXCN00SG Index MSCIMSCI China SC Growth15.952.6010.6
DJICHK Index Dow JonesDJIM ChinaHK Ind15.892.6014.7
XIN0I Index FTSEFTSE China 50 Index HKD14.632.288.0
HSI21N Index Hang Seng Bank LtdHang Seng China Ente NR14.581.418.2

Commodities YTD Performance

1f40
NameUnitsKeyLastPriceCurrencyYTDChange USDpct1month
Lean Hogs (CME)USd/lb.Lean Hogs0.9484999999999999USD57.3065.45
Brent Crude (ICE)USD/bbl.Oil69.27USD37.935.35
NickelUSD/MTNickel13180USD19.660.19
3Mo Zinc (LME)USD/MT3Mo Zinc2930.00USD18.436.51
Palladium SpotUSD/t oz.Palladium1410.02USD12.36-7.64
Rubber (Tokyo)JPY/kgRubber186.30JPY10.96-9.21
Copper (Comex)USd/lb.Copper2.938USD10.70-0.19
Platinum SpotUSD/t oz.Platinum872.78USD9.994.05
3Mo Tin (LME)USD/MT3Mo Tin21175.00USD9.29-1.28
Lumber (CME)USD/1000 board feetLumber365.20USD7.92-0.60
Cotton #2 (ICE)USd/lb.Cotton0.7726999999999999USD6.514.97
SteelUSD/MTSteel486USD4.521.25
Oats (CBOT)USd/bu.Oats2.8575USD3.638.34
Ethanol (CBOT)USD/gal.Ethanol1.31USD3.15-2.96
Cocoa (ICE)USD/MTCocoa2376.00USD2.6310.51
Rough Rice (CBOT)USD/cwtRough Rice10.66USD1.520.28
Gold SpotUSD/t oz.Gold1292.09USD1.480.48
Silver (Comex)USD/t oz.Silver15.11USD1.27-0.13
Feeder Cattle (CME)USd/lb.Feeder Cattle1.4728USD1.191.55
Soybean (CBOT)USd/bu.Soybean8.995USD0.28-1.53
3Mo Aluminum (LME)USD/MT3Mo Aluminum1896.00USD0.161.12
Sugar #11 (ICE)USd/lb.Sugar0.1242USD0.160.00
Live Cattle (CME)USd/lb.Live Cattle1.19USD-3.08-7.28
Corn (CBOT)USd/bu.Corn3.6375USD-3.71-2.94
Orange Juice (ICE)USd/lb.Orange Juice1.204USD-5.903.70
Canola (ICE)CAD/MTCanola454.40CAD-6.02-1.39
Coffee 'C' (ICE)USd/lb.Coffee0.9534999999999999USD-6.70-3.83
Wheat (CBOT)USd/bu.Wheat4.725USD-8.524.07
Cocking CoalCNY/MTCocking Coal1247CNY-10.99-2.46
Natural Gas (Nymex)USD/MMBtuNatural Gas2.68USD-24.72-6.62

Country USD Yields Ordered By YTD Yield Change

1f40
countryYieldYieldChange
Bermuda18.9210.27
Zambia13.256.86
Argentina10.214.48
Jamaica10.564.46
Turkey8.973.55
Lebanon10.713.39
Tunisia8.662.87
Ukraine8.681.89
Gabon7.631.58
Kazakhstan6.271.56
Oman6.101.37
Sri Lanka6.281.36
Ecuador8.231.35
Italy6.271.29
Ghana7.251.20
Cote D'Ivoire (Ivory Coast)6.891.18
Senegal6.571.05
India5.530.94
Egypt6.630.85
Costa Rica6.860.75
Kenya6.390.70
Ethiopia6.510.70
Russian Federation5.170.66
Switzerland7.790.65
Nigeria6.520.64
Bolivia5.580.60
Lithuania3.010.54
Trinidad and Tobago4.700.53
South Africa5.450.52
Serbia3.680.51
United States5.970.51
El Salvador7.020.50
Romania3.800.47
Morocco4.390.44
Pakistan6.570.43
Dominican Republic5.230.40
Mexico4.930.40
China5.050.39
Jordan6.560.38
Singapore4.400.37
Iraq6.750.36
Belgium5.750.35
Slovak Republic2.800.32
Australia5.000.30
Hungary3.530.29
France6.960.28
Indonesia4.200.27
Uruguay3.960.24
Kuwait3.850.24
Chile4.560.22
Poland2.900.20
Guatemala4.920.19
Panama4.280.17
Saudi Arabia4.870.17
Angola7.140.16
Supranational3.730.16
Malaysia3.750.15
Vietnam3.860.14
United Arab Emirates4.410.13
Hong Kong4.090.12
Thailand3.850.12
Peru4.210.10
Israel5.500.09
Paraguay5.230.07
Macau5.090.06
Philippines3.460.04
Netherlands4.870.02
Qatar3.830.01
Finland4.040.00
Croatia (Hrvatska)3.24-0.04
Taiwan3.41-0.04
Ireland5.11-0.05
Germany5.06-0.08
Colombia4.39-0.11
United Kingdom4.37-0.17
Brazil4.96-0.19
Azerbaijan4.56-0.20
Mongolia5.16-0.26
Korea (South)3.38-0.33
Canada5.32-0.36
Sweden3.60-0.44
Bahrain5.78-0.53
Luxembourg8.62-0.67
Venezuela0.00-53.30
4c

CHINA US Stocks Rally to Record on Earnings Surprises: Markets Wrap

31

Sector Performance in CHINA Last Month

4b0
sectorPeriodChange
Consumer Staples7.56
Real Estate6.74
Consumer Discretionary6.49
Health Care6.18
Materials3.92
Communication2.71
Information Technology1.92
Financials-0.23
Energy-1.95
Utilities-3.84
Industrials-4.76

Valuation and Growth of Various Sectors in CHINA

35
42c
  • China Signals Less Stimulus, Undermining World's Hottest Stocks
  • US investors maintain their steady push into Chinese equities as ...
  • The Bull Case for China Stocks Is Sticking Around
  • China stocks end lower as investors fear economic stimulus ...
  • China equity gauge tumbles 2.3%, biggest loss in a month
    43a
  • S&P 500, Nasdaq close at record highs as earnings roll in
  • Markets factoring in earnings growth of 15%, GDP can hit 9% by ...
  • Bank Of China: Growth At A Very Reasonable Prize
  • Signs Of An Emerging Market Recovery Point To Stronger Earnings ...
  • Will Alibaba Stock Rally on Rival Amazon's Partial Exit From China? 4
    419
  • Breakingviews - China's game makers face a shapeshifting boss
  • Bellamy's up 17pc on new China approvals
  • China's fast-growing Starbucks competitor Luckin Coffee just filed to ...
  • How Does China Demeter Financial Investments Limited (HKG:8120 ...
  • Hong Kong pips Japan to become world's third-biggest stock market 63

    Link to CHINA Macro Page 34

    CHINA country trades at 2019 simple average 13 PE Fy1 of 11.0 x a and 2019 13 PE Fy2 of 10.8 x 34

    CHINA country trades at 2019 simple average 16 EV/EBITDA of 6.4 x a and 2019 15 EV/EBITDA of 6.3 x 41

    In terms of Dividend yield CHINA country trades at 2019 12 Yield of 2.8 % a and 2019 1a Dividend Yield of 3.1 % 33

    On ROE basis CHINA country trades at 2019 10 ROE of 9.9 % a and 2019 10 ROE of 10.7 % 41

    Largest Companies in CHINA by Market Capitalisation mn$

    17c1
    TickerCompanyCountryIndustrySubIndustryMarketCapUSDmn
    BABA USAlibaba Group Holding LtdCHINASoftware & ServicesInternet Software & Services472140.4
    700 HKTencent Holdings LtdCHINASoftware & ServicesInternet Software & Services448731.2
    1398 HKIndustrial & Commercial Bank of China LtdCHINABanksDiversified Banks292251.8
    939 HKChina Construction Bank CorpCHINABanksDiversified Banks225228.4
    2318 HKPing An Insurance Group Co of China LtdCHINAInsuranceLife & Health Insurance207109.4
    857 HKPetroChina Co LtdCHINAEnergyIntegrated Oil & Gas202374.9
    1288 HKAgricultural Bank of China LtdCHINABanksDiversified Banks192383.4
    3988 HKBank of China LtdCHINABanksDiversified Banks158511.2
    3968 HKChina Merchants Bank Co LtdCHINABanksDiversified Banks120717.5
    2628 HKChina Life Insurance Co LtdCHINAInsuranceLife & Health Insurance111834.9
    386 HKChina Petroleum & Chemical CorpCHINAEnergyIntegrated Oil & Gas107118.2
    883 HKCNOOC LtdCHINAEnergyOil & Gas Exploration & Produc78602.3
    3328 HKBank of Communications Co LtdCHINABanksDiversified Banks67337.1
    BIDU USBaidu IncCHINASoftware & ServicesInternet Software & Services59647.1
    1088 HKChina Shenhua Energy Co LtdCHINAEnergyCoal & Consumable Fuels58927.6
    1339 HKPeople's Insurance Co Group of China Ltd/TheCHINAInsuranceProperty & Casualty Insurance57630.1
    3333 HKChina Evergrande GroupCHINAReal EstateReal Estate Development48733.5
    728 HKChina Telecom Corp LtdCHINATelecommunication ServicesIntegrated Telecommunication S44744.8
    998 HKChina CITIC Bank Corp LtdCHINABanksDiversified Banks42402.3
    6030 HKCITIC Securities Co LtdCHINADiversified FinancialsInvestment Banking & Brokerage41286.3

    Number of Companies in CHINA by Country by SubIndustry and Market Capitalisation mn$

    129a
    CountryIndustrySubIndustryNumber of companiesMarketCapUSDmn
    CHINAUtilitiesGas Utilities111462.1
    CHINAUtilitiesIndependent Power Producers &221588.9
    CHINAUtilitiesRenewable Electricity28754.6
    CHINATransportationAirlines233127.0
    CHINATransportationHighways & Railtracks212144.5
    CHINATransportationMarine212858.4
    CHINATransportationAirport Services14281.2
    CHINATelecommunication ServicesIntegrated Telecommunication S251203.2
    CHINATechnology Hardware & EquipmenCommunications Equipment117052.7
    CHINATechnology Hardware & EquipmenTechnology Hardware, Storage &110698.5
    CHINASoftware & ServicesInternet Software & Services4980518.8
    CHINASemiconductors & SemiconductorSemiconductors3330.1
    CHINASemiconductors & SemiconductorSemiconductor Equipment14016.6
    CHINARetailingDepartment Stores38325.4
    CHINARetailingComputer & Electronics Retail12032.2
    CHINARetailingAutomotive Retail15232.1
    CHINAReal EstateReal Estate Development9123565.9
    CHINAPharmaceuticals, BiotechnologyPharmaceuticals12256.2
    CHINAMaterialsAluminum216029.2
    CHINAMaterialsGold1033963.9

    Top Companies CHINA by Dividend Yield

    6dc
    TickerCompanyCountryIndustrySubIndustryDividendYld_fy1
    2777 HKGuangzhou R&F Properties Co LtdCHINAReal EstateReal Estate Development10.9
    3377 HKSino-Ocean Group Holding LtdCHINAReal EstateReal Estate Development10.7
    3333 HKChina Evergrande GroupCHINAReal EstateReal Estate Development9.3
    3383 HKAgile Group Holdings LtdCHINAReal EstateReal Estate Development9.1
    386 HKChina Petroleum & Chemical CorpCHINAEnergyIntegrated Oil & Gas7.9

    Cheapest Companies in CHINA on FY1 PE

    71d
    TickerCompanyCountryIndustrySubIndustryPE_fy1
    2777 HKGuangzhou R&F Properties Co LtdCHINAReal EstateReal Estate Development3.7
    3377 HKSino-Ocean Group Holding LtdCHINAReal EstateReal Estate Development4.1
    1988 HKChina Minsheng Banking Corp LtdCHINABanksDiversified Banks4.2
    489 HKDongfeng Motor Group Co LtdCHINAAutomobiles & ComponentsAutomobile Manufacturers4.3
    3323 HKChina National Building Material Co LtdCHINAMaterialsConstruction Materials4.3


    Earnings Relises and Dividends

    18

    Top CHINA Bonds

    1521
    BondPriceCouponFXMaturityDurationYieldYieldChangePriceChange
    CHINA EVERGRANDE GROUP RegS 2593.788.75USDJun 28, 20254.5310.110.04-0.14
    INDUSTRIAL AND COMMERCIAL BANK OF MTN RegS 23100.023.62USDOct 25, 20230.083.76-0.090.25
    CHINA EVERGRANDE GROUP RegS 2297.528.25USDMar 23, 20222.679.220.95-2.42
    TENCENT HOLDINGS LTD MTN RegS 2898.793.60USDJan 19, 20287.413.76-0.191.43
    ALIBABA GROUP HOLDING LTD 2798.393.40USDDec 06, 20277.353.62-0.251.86
    CHINA EVERGRANDE GROUP RegS 2393.977.50USDJun 28, 20233.539.240.47-1.56
    FORTUNE STAR BVI LTD RegS 2296.985.25USDMar 23, 20222.776.38-0.220.62
    NEXEN INC 37128.426.40USDMay 15, 203711.454.15-0.213.07
    CHINA OVERSEAS FINANCE (CAYMAN) VI RegS 24110.875.95USDMay 08, 20244.383.60-0.271.25
    SHIMAO PROPERTY HOLDINGS LTD RegS 2299.494.75USDJul 03, 20222.884.920.02-0.05
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